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FAO Reports Record Food Prices in August
Global food prices in August rose to their highest level since late 2022 due to adverse weather conditions, disruptions caused by the war in the Black Sea region, increased temperatures and droughts in Europe, as well as the El Niño phenomenon. The Food Price Index issued by the Food and Agriculture Organization reached 133.3 points, the highest since November 2022, though it was 17% lower than its peak in March 2022. In metals, all indices experienced increases, with a notable 11.9% rise in sugar prices, driven by reduced production in central-southern Brazil and the negative weather impacts in Europe and Asia.
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